Property Type

Rubicon Representation Negotiates Sale of 29,352 SF Office Building in Plano

by Amy Works November 29, 2016

PLANO, TEXAS — Rubicon Representation has arranged the sale of an office building located at 4011 W. Plano Parkway in Plano. Wells Asset Management sold the 29,352-square-foot property to a local investment partnership for an undisclosed price. Current tenants at the property include The Einstein School and Farmers Insurance, and Sea Link International will relocate its office to the property from downtown Dallas. Daniel Miller and Graham Perry of Rubicon Representation represented the buyer and new tenant, while the seller had in-house representation.

November 29, 2016

Harborview Capital Closes Two Loans Totaling $25.1M for Multifamily Assets in Conroe, Texas

by Amy Works November 29, 2016

CONROE, TEXAS — Harborview Capital Partners has closed $25.1 million in refinancing for two multifamily properties in Conroe. The borrower was an Arkansas-based client. Both non-recourse loans were refinanced through HUD’s 223(a)(7) program and feature interest rates fixed for 35 and 40 years. Avi Begun of Harborview Capital originated the transactions.

November 29, 2016

Midwest Ohio Retail

Scott Street Properties Breaks Ground on 8.3-Acre Retail Development in West Chester, Ohio

by Kristin Harlow November 29, 2016

WEST CHESTER, OHIO — Scott Street Properties has broken ground on a retail development along I-75 and The Streets of West Chester, about 25 miles north of Cincinnati. Phase I of the 8.3-acre development will include a couple freestanding buildings and a multi-tenant building featuring two new-to-market concepts. Chuy’s Tex-Mex restaurant and Matt the Miller’s Tavern have committed to the new project. North Shore Construction & Development Services is handling the project management for Scott Street Properties. Tenants are expected to begin opening for business in spring 2017. Eric Abroms and Joshua Rothstein of OnSite Retail Group LLC are handling the marketing and leasing of the new development.

November 29, 2016

Industrial Midwest Minnesota

CBRE Negotiates Industrial Lease Expansion for Point B Logistics Near Minneapolis

by Kristin Harlow November 29, 2016

BROOKLYN PARK, MINN. — CBRE has negotiated an industrial lease expansion for Point B Logistics in Brooklyn Park near Minneapolis. The logistics company has expanded its lease at 610 Commerce Center from 34,780 square feet to 61,097 square feet. This brings the industrial building to full occupancy. Other tenants include Scholastic Book Fair, Blackhawk Industrial and Varitronics LLC. The building is the first phase of development at the site, with another 202,000-square-foot industrial building available for occupancy in fall 2017. A third 100,000-square-foot building is also planned for the site. Dan Swartz of CBRE is exclusively marketing Phase II and III for lease on behalf of the building’s owner and developer, CSM Corp.

November 29, 2016

Indiana Midwest Retail

The Boulder Group Arranges $9M Sale of Property Net Leased to Best Buy in South Bend

by Kristin Harlow November 29, 2016

SOUTH BEND, IND. — The Boulder Group has arranged the sale of a single-tenant property net leased to Best Buy in South Bend for $9 million. The 50,000-square-foot building is located at 6502 Grape Road near the University of Notre Dame. There are approximately seven years remaining on the Best Buy lease, which began in March 2003 and expires in March 2023. The absolute triple net lease features a 3 percent rental escalation in the primary term and in each of the four five-year renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest real estate investment company. The buyer was a West Coast-based real estate investment company.

November 29, 2016

Illinois Midwest Retail

Mid-America Brokers Sale of 66,066 SF Retail Center in Crystal Lake, Illinois

by Kristin Harlow November 29, 2016

CRYSTAL LAKE, ILL. — Mid-America Real Estate Corp. has brokered the sale of a portion of Bohl Farm Marketplace in Crystal Lake, a northwest suburb of Chicago. The sales price was not disclosed. Fresh Thyme Farmers Market, Planet Fitness and Party Center anchor the 66,066-square-foot portion that was sold. The center is located near the northwest corner of Northwest Highway and Pingree Road. Ben Wineman and Carly Gallagher were the exclusive brokers in the transaction on behalf of the seller, Berengaria Development.

November 29, 2016

Midwest Minnesota Retail

Marcus & Millichap Arranges $3.2M Sale of 18,027 SF Retail Property in Lino Lakes, Minnesota

by Kristin Harlow November 29, 2016

LINO LAKES, MINN. — Marcus & Millichap has arranged the sale of Lino Lakes Marketplace in Lino Lakes, a northern suburb of the Twin Cities, for $3.2 million. The 18,027-square-foot property is located at 701-717 Apollo Drive. The property was 92 percent occupied at closing. Sean Doyle, Cory Villaume, Matthew Hazelton and Adam “AJ” Prins of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer was also a limited liability company.

November 29, 2016

Loans Office South Carolina Southeast

Greenwich Group Arranges $52.9M in Acquisition, Renovation Financing for Two Office Parks in Greenville

by John Nelson November 29, 2016

GREENVILLE, S.C. — The Greenwich Group International has secured $52.9 million in acquisition and renovation financing for Park Central and Park East, two office parks in Greenville totaling 570,000 square feet. The financing included a $39 million loan and $13.9 million in joint venture equity. The borrower, Atlanta-based TWO Capital Partners, purchased the properties in an off-market transaction. Located in Greenville’s I-385 corridor, Park Central and Park East feature 12 buildings that were 70 percent leased at the time of sale. Don Atchison, Steve Lorenz and Larry Baucom led Greenwich Group’s team in securing the financing.

November 29, 2016

Office Southeast Tennessee

Avison Young Brokers $26M Sale of Two Office Buildings in Metro Nashville

by John Nelson November 29, 2016

BRENTWOOD, TENN. — Avison Young has brokered the $26 million sale of Gateway Plaza I and Maryland Park Center in Brentwood, a suburb of Nashville. Gateway Plaza I is a three-story, 82,848-square-foot office building located at 5409 Maryland Way. The property was fully leased at the time of sale to tenants such as Foundations Recovery Network, Henderson Financial Group, The Layton Cos. and Right Management. Maryland Park Center is a three-story, 43,696-square-foot office building located at 115 East Park Drive. The building was fully leased at the time of sale to tenants such as Vulcan Construction Materials, Nashville Sleep Medicine, Maxim Healthcare Services and CareSpot. Don Albright, Lisa Maki, Mike Jacobs and Ashley Albright of Avison Young represented the seller, Sun Life Assurance Co. of Canada. The acquisition is the first purchase in Brentwood for the buyer, Albany Road Real Estate Partners.

November 29, 2016

Florida Loans Office Southeast

NXT Capital Provides $18.5M Acquisition Loan for Office Park in West Palm Beach

by John Nelson November 29, 2016

WEST PALM BEACH, FLA. — NXT Capital has provided an $18.5 million acquisition loan for Centrepark West, a four-building office park totaling 175,000 square feet in West Palm Beach. The site is bordered by I-95 to the east and Palm Beach International Airport to the west. Christian Lee and Amy Julian of CBRE’s Miami office arranged the loan through NXT Capital on behalf of the undisclosed borrower.

November 29, 2016

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